Paxful CEO Ray Youssef said in a statement that Indian markets have great potentials for the crypto economy in future and monthly new user signups have increased by 28%, adding that Paxful’s community on Telegram is approaching 10,000 members. He also mentioned that people in India are starting to bet big on bitcoin which promises for greater financial returns.
The Supreme Court of India ruled The Reserve Bank of India couldn’t ban crypto traders and crypto-related firms from accessing banking services. In March 2020, the Supreme Court of India overturned the ban, but some banks continued to hold restrictions. The Reserve Bank of India (RBI) is standing down after all.
Spike in Indian volumes on Paxful
Paxful Bitcoin trading within India grew to $1.48 million on May 10, while competing exchange LocalBitcoins saw more than $1.25 million in BTC traded. The combined total, hardly $2.7 million, comes close to reaching the highest of all time of $2.9 million in December 2017. Despite the spike in late December, however, the growth in BTC volume on P2P exchanges in May is so far unmatched, as data from Useful Tulips demonstrates a clear upward trend.
A long way ahead of India until fully embracing crypto
Riding on the back of this wave of popularity, a number of cryptocurrency exchanges started operating in India between 2012 and 2017 providing much-needed depth and volume to the Indian cryptocurrency market in India the RBI issued a Press Release cautioning the public against dealing in virtual currencies including Bitcoin way back in 2013. However, the transaction volumes and adoption of cryptocurrencies in India really picked up in earnest only after the demonetization of high-value currency notes in November of 2016, with the government’s emphasis on digital payments leading to alternatives to traditional online banking such as cryptocurrencies forcing their way into the public consciousness.
It should be mentioned here that till the end of March 2018, the RBI and the Finance Ministry had issued various Press Releases on cryptocurrencies cautioning people against their risks, however, none of them ever took any legal action or gave any enforceable directions against cryptocurrencies.
After all this history, despite India’s apparent crypto liberalization triggering a rush of exchanges seeking to operate in the country, reports indicate that Indian financial institutions are still refusing to provide banking services to many virtual currency firms.
In early May, several cryptocurrency exchanges petitioned the Reserve Bank of India for clarity regarding their taxation obligations, with some firms fearing that application of the Goods and Services Tax could pose an existential threat to their operations.
According to this report, how do you see the future of Cryptocurrency in your country? Do you think a country like India can become one of the top potentials in this market?
Is any legal Regulatory regarding crypto exchange necessary?
Paxful: is a marketplace where people can buy and sell bitcoins directly with each other. You can get bitcoins instantly and pay with debit, credit, cash, PayPal, and any currency.
LocalBitcoins: is a peer-to-peer Bitcoin exchange. We are a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can browse our website for trade advertisements and search for a payment method you prefer. You will find traders buying and selling Bitcoins online for more than 60 different payment methods.